Reliance to launch Jio Fiber
On 42nd annual general meeting Chairman and Managing Director of Reliance industries Limited (RIL) Mukesh Ambani addressed the shareholders of the company.
Ambani told that the slowdown in some sectors of economy is temporary adding that India has potential to grow into $10 trillion economy by 2030.
Some more important updates from the Annual meeting are as follows…
Reliance Jio Fiber broadband services are set to launch from September 5. Like telecom operator Reliance Jio Fiber which is a combo service of broadband, fixed and television, could also be a market disrupter.
- The Reliance India Limited chairman said, Jio Fiber will offer internet speeds of 100 Mbps, going up to 1000 Mbps to be price at Rs 700 to Rs 10,000 a month. He added that voice calls from Jio Fiber fixed line phones to anywhere in the country will be free for lifetime.
- Ambani said, Reliance India Limited to get Rs 7000 crore by selling 49 percent stake in its fuel retail business to BP.
- Saudi Aramco to take 20 percent stake in Reliance’s oil-to-chemical business for an enterprise value of $75 billion. Saudi Aramco will supply 5,00,000 barrels per day of crude oil to Reliance refineries.
- The deal will be “biggest foreign investment in Reliance India Limited history” and also “amongst the largest foreign investments ever in India”.
- Investment cycle of reliance Jio is complete and about Rs 3.5 lakh crore invested in the high-speed 4G Network.
- Ambani also announced Internet of Things (IoT) for entire country, home and enterprise broadband, broadband for SME (Small and Medium Enterprises).
- With the launch of new cloud of data centers, Jio has entered into a long term alliance with Microsoft to accelerate digital transformation.
- The Reliance chairman said that Reliance will become a zero-debt company within 18 moths.
- Responding to the Prime Minister of India Narendra Modi’s appeal Reliance India Limited will stand committed to support the people of Jammu & Kashmir and Ladakh and create special task force for developmental activities in Jammu & Kashmir and Ladakh.